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Registration number: 00609412

A Gambardella Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

A Gambardella Limited

Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

185

268

Investment property

6

1,270,000

1,220,000

 

1,270,185

1,220,268

Current assets

 

Debtors

7

10,910

8,662

Cash at bank and in hand

 

32,638

33,333

 

43,548

41,995

Creditors: Amounts falling due within one year

8

(37,716)

(35,399)

Net current assets

 

5,832

6,596

Total assets less current liabilities

 

1,276,017

1,226,864

Provisions for liabilities

(241,016)

(228,516)

Net assets

 

1,035,001

998,348

Capital and reserves

 

Called up share capital

6,000

6,000

Retained earnings

1,029,001

992,348

Shareholders' funds

 

1,035,001

998,348

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

A Gambardella Limited

Statement of Financial Position as at 30 September 2023

Approved and authorised by the director on 15 February 2024
 

.........................................

Mr J Petrillo

Director

Company registration number: 00609412

 

A Gambardella Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of property investment.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 30 September 2023 and had net assets at that date amounting to £1,035,001.

The company continues to receive rental income and the director doesn't believe that the current economic environment or global conflicts will have a material effect on the company.

After having made enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

In view of the foregoing the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income receivable in the ordinary course of the company's activities recognised evenly over the period of the lease or licence.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

A Gambardella Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year was 2 (2022 - 2).

 

A Gambardella Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

83

62

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

330

330

At 30 September 2023

330

330

Depreciation

At 1 October 2022

62

62

Charge for the year

83

83

At 30 September 2023

145

145

Carrying amount

At 30 September 2023

185

185

At 30 September 2022

268

268

6

Investment properties

 

2023
£

Fair value

At 1 October 2022

1,220,000

Fair value adjustments

50,000

At 30 September 2023

1,270,000

The investment properties are stated at fair value as estimated by the director at 30 September 2023 at an amount of £1,270,000.

7

Debtors

2023
£

2022
£

Other debtors

10,910

8,662

 

A Gambardella Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

12,375

9,478

Accruals and deferred income

11,499

12,179

Other creditors

13,842

13,742

37,716

35,399

9

Profit and loss reserve

The amount of the profit and loss reserve that is non-distributable is £996,121 (2022:£958,621).